When can I get another mortgage after bankruptcy-short sale-foreclosure?

By
Real Estate Agent with Southern Homes of The Carolinas - The Powell Team NC License# 202938

If you or someone you know have had financial challenges such as a bankruptcy, foreclosure, short sale, deed in lieu of foreclosure or consumer credit counseling, you may be wondering WHEN CAN I GET ANOTHER MORTGAGE?  I get this question almost daily, so thought I would share this chart with you.  This criteria is subject to change, because various loan programs change their guidelines often, but as of today this is good information provided by a loan officer I know. 

I'd love to help you throughout the process of working on your credit and achieving your goal of purchasing a home, so contact me anytime if I can help!  I look forward to speaking with you soon.

 

Mortgage waiting periods after bankruptcy, foreclosure & short sale.

 

 


Cheryl Powell

ABR, SFR, Broker, Realtor

The Powell Team
RE/MAX Executive Realty
Mobile: 704-363-8902
c
herylpowellrealtor@earthlink.net

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Comments (11)

Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Cheryl, thanks for posting this. I think it will be valuable for many homeowners that have lost their homes.

Jun 09, 2013 01:49 AM
Cheryl Powell - The Powell Team
Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC
Concord,Harrisburg & Charlotte NC Area Real Estate

You're welcome Kathy.  I hope this chart will be useful to people hoping to buy another home as soon as possible and to agents trying to help their clients/customers. 

Jun 13, 2013 01:26 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Cheryl, this is great information as many have gone through these processes in the last few years.

Jul 21, 2013 11:08 PM
Cheryl Powell - The Powell Team
Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC
Concord,Harrisburg & Charlotte NC Area Real Estate

Thanks Joan.  There are definitely a lot of people who have experienced these situations during the past few years.  Hopefully this information will help them plan for their future!

Jul 22, 2013 06:54 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Cheryl this question is coming up more and more in my part of the world as in the Greater Los Angeles as well. Endre

Dec 03, 2013 10:07 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Cheryl - just had some clients ask me about this last week, Friday to be exact. They shortsaled nearly two years ago and want to stop paying rent. Thanks for the chart. D

Feb 03, 2014 01:32 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Cheryl...This helps but I also have found that some of the local banks on smaller properties will look at today's current situation and keep it in house.  but they are not easy to find. 

Jun 29, 2014 11:02 AM
Cheryl Powell - The Powell Team
Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC
Concord,Harrisburg & Charlotte NC Area Real Estate

I'm seeing this subject come up more and more as well Endre.  It's been long enough since the beginning of the economic downturn that the buyers who went through bankruptcy, foreclosre or short sale have recovered financially are now ready to buy again.

Jun 29, 2014 01:59 PM
Cheryl Powell - The Powell Team
Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC
Concord,Harrisburg & Charlotte NC Area Real Estate

I'm glad that the chart was helpful Debb.  Although I found this to be helpful as well, since these guidelines could change at any time and may vary by lender, it is a good idea to check with with your preferred lenders and your buyer's lender to determine their current seasoning periods for these situations.

Jun 29, 2014 02:03 PM
Cheryl Powell - The Powell Team
Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC
Concord,Harrisburg & Charlotte NC Area Real Estate

Thanks for sharing your experience William.  This chart only addresses FHA, VA, USDA and Fannie Mae/Freddie Mac Conventional loans.  I agree that some banks and credit unions have in house loan programs that have completely different guidelines than these government backed programs, but I haven't seen any with lower seasoning periods than FHA.  I'll have to check around and see what I can find!

Jun 29, 2014 02:08 PM
Roya Hatcher
RMCN - Mc Kinney, TX
CCRS

That is great information Cheryl! So you help clients with their credit as well?

Jul 02, 2014 02:56 AM